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Big Payday for Occidental Chief

The petroleum company's CEO took home more than $400 million last year.
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Occidental Petroleum's (OXY) - Get Occidental Petroleum Corporation Report CEO received a whopper of a paycheck last year.

Ray Irani received more than $400 million in compensation in 2006, the majority of which, $270.2 million, came from his exercise of previously granted stock options, the company said in its annual proxy statement.

The chief executive also received $93.3 million from a deferred stock program. Occidental discontinued the program last October because of its cost and distributed the shares to executives.

Irani's received another $55.6 million consisting of salary ($1.3 million), bonus ($1.4 million), stock awards ($31.0 million), options awards ($17.4 million) and other items.

Irani's compensation last year is among the highest ever paid to a CEO,

The Wall Street Journal



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Occidental filed its proxy with the


late last month, and it was made public Thursday.

Occidental shares finished Thursday's session up 20 cents at $49.95. U.S. stock markets were closed Friday in observance of Good Friday.